Statement by Congressman Jim McDermott Following Treasury Secretary John Snow's Appearance Before the House Ways and Means Committee
For Immediate Release - February 3, 2004

Congressman Jim McDermott (D-WA) questions Secretary of the Treasury John Snow about the Administration's proposed budget and record $521 billion deficit at the House Ways and Means Committee on Tuesday, February 3, 2004, in Washington, DC. This was the Secretary's first appearance before a Congressional Committee to talk about the proposed budget. Mr. McDermott, 7th District Democrat, is a senior member of the House Ways and Means Committee.

"President Bush's budget proposal contains not a single dollar for the War in Iraq or the Campaign in Afghanistan. Is that credible? Of course not.

"Can Treasury Secretary Snow explain that? Not credibly?

"The President's budget proposal and Secretary Snow's explanation before the House Ways and Means Committee is pure fiction. The President knows it. Secretary Snow knows it. The American people need to know it.

"When the President took office, America had a $2.4 trillion dollar surplus. Now we have a $500 billion deficit, a three trillion dollar swing in just a few years.

"A year ago, we were told tax cuts would create jobs. But America has lost almost three million jobs since the President took office.

"A year ago, we were told that the President had a plan to dig America out of a recession, but his tax cuts have buried America in fiscal irresponsibility.

"Can Treasury Secretary Snow explain any of this? Not credibly?

"The Secretary serves up Administration rhetoric that flies in the face of reality. Secretary Snow would like us to believe that this budget proposal looks ahead to a brighter tomorrow. In reality, this budget proposal charts a course to a mortgaged future.

"There is no credibility in the President's budget proposal and Secretary Snow's remarks, because what has happened to America's economy, to America's working families, to America's financial health is simply incredible."